Sunday, January 25, 2009

Entrust Administrative Services Opens Chicago Office

LAKE MARY, FL - Entrust Administrative Services, the Lake Mary-based firm that provides IRA administrative services to over 2,000 account holders of self-directed IRA funds in Florida, recently opened a Chicago office at 300 S. Wacker Drive (top right photo) to serve Illinois investors.

Glen Mather, president of Entrust Administrative Services, Inc., said the firm will also open a South Florida office later this year.

“With the current economic cycle, assets have been devalued nationwide and the traditional banking model offers little relief,” said Mather.
“Current market cycles are driving investors to alternative investments such as private equity, debt instruments and distressed real estate – all of which can be held in an IRA.”


“Today, owners of self-directed IRA funds have substantial opportunities to grow their assets by investing wisely in undervalued assets with growth potential,” he said. “Ironically, in a depressed financial services market, we have to expand in order to meet this demand,” Mather said.

CONTACTS:
Glen Mather, President Entrust Administrative Services, Inc. 407-367-3472 gmather@entrustfl.com;

Larry Vershel, Larry Vershel Communications, 407-644-4142, Lvershelco@aol.com

Saturday, January 24, 2009

Shaw Mechanical Services wins contract for Seminole County, FL school

ORLANDO, FL-- Shaw Mechanical Services LLC has secured a $1.8 million contract with Mark Construction Company for mechanical contracting services for additions and renovations to Sterling Park Elementary School on Eagle Circle in Casselberry, Fla.

Shaw Mechanical’s scope of services includes purchasing, installation, equipment start-up and commissioning of two air-cooled chillers, primary and secondary pumping, nine central station AHU’s and 75 fan terminal boxes.

The campus will remain occupied during the 18-month construction schedule that calls for the construction of two new, two-story, 85,000-square-foot classroom buildings and the renovation of an existing building. Completion is scheduled for December 2009.

The Seminole County Public Schools project is being built by general contractor, Mark Construction Company of Longwood, Fla. Architecture is provided by SchenkelShultz Architects, Orlando, Fla. Matern Professional Engineering Inc. of Maitland, Fla., is providing mechanical engineering.
.
Shaw Mechanical Services LLC is a Central Florida-based provider of mechanical contracting and service to building owners, property managers, facility managers, plant engineers, general contractors and consumers.

Comprehensive services provided by Shaw Mechanical include retrofits, renovations, preventative maintenance, commissioning and installation of heating, ventilating and air conditioning systems, process piping, automatic temperature controls and custom climate applications for existing structures and new construction.

Founded in 2001 by David L. Shaw, the privately-held company employs a staff of seventy from its headquarters in Orlando, Fla. Please visit http://www.shawmechanical.com/ for additional information.

Shaw Mechanical Services hires new project manager

ORLANDO, FL — Shaw Mechanical Services LLC appointed Lawrence A. Williamson senior project manager. Williamson has 26 years of experience in mechanical contracting management for commercial, industrial and institutional projects throughout Central Florida.

He is an active member of the American Society of Heating, Refrigerating and Air-Conditioning Engineers and Associated Builders & Contractors.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,
elainei@pr-works.com, www.pr-works.com

Cousins Properties Declares First Quarter Common and Preferred Stock Dividends

ATLANTA -- Cousins Properties Incorporated (NYSE: CUZ) announces its Board of Directors has declared a regular quarterly cash dividend of $0.25 per share, or $1.00 per share on an annualized basis, payable February 23, 2009, to common stockholders of record as of February 9, 2009.

The Board of Directors declared a regular quarterly cash dividend on its Series A Cumulative Redeemable Preferred Stock. The dividend of $0.484375 per share, or $1.9375 on an annualized basis, is payable February 16, 2009, to Series A preferred stockholders of record on February 2, 2009.

The Board of Directors has also declared a regular quarterly cash dividend on its Series B Cumulative Redeemable Preferred Stock. The dividend of $0.46875 per share, or $1.875 on an annualized basis, is payable February 16, 2009, to Series B preferred stockholders of record on February 2, 2009.

Contact:
Cameron Golden, 404-407-1984, Director of Investor Relations and Corporate Communications, camerongolden@cousinsproperties.com

Grubb & Ellis Represents Shorewood Properties in Completion of Elgin, IL Industrial Development

ROSEMONT,IL– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented Shorewood Properties in the successful completion of its four-building, 160,000-square-foot industrial development on Scottsdale Court, (site map top left) located off of Tollgate Road near the I-90/US-31 interchange in Elgin.


Bruce Granger, (top right photo) senior vice president, Industrial Group, secured interest from Northgate Technology Inc. in a 34,000-square-foot build-to-suit facility, which is expected to be completed this year.


Northgate, a growing medical technology manufacturing company, is currently located in 14,500 square feet of space at 600 Church Road in Elgin.

“We’re pleased to have completed the park considering the current market,” said Jim Origer, owner of Shorewood Properties. “Additionally, the fact that the tenant is staying in the vicinity makes it a great win for Elgin.”

Granger added, “With its superior transportation access, Elgin is a great user market. We’re proud to have been involved in the development’s leasing and disposition activities.”

Shorewood acquired the 17 acres of land off of Tollgate Road from Flender Corp., now part of Siemens Energy and Automation, Inc., in early 2000.

The investor then built Scottsdale Court to enhance access to the four-building park, which includes 50,000- and 38,000-square-foot multi-tenant buildings, a 38,000-square-foot single-tenant building and the 34,000-square-foot facility to be occupied by Northgate Technology.


Other users in the development include Owens Corning, Park Supply, ID Graphics, MPR Precision Molding Specialists and Argos Technologies, Inc.

Contact: Erin Mays, Phone: 312.698.6735. Email: erin.mays@grubb-ellis.com

CBRE Orlando Brokers $3.6M Sale

ORLANDO, FL – The Orlando office of CB Richard Ellis is pleased to announce that David Murphy, (top right photo) Senior Vice President, represented the owner in the sale of 110,000 square foot industrial facility at 350 Anchor Road in Altamonte Springs, Florida.

The sale price was $3.6 Million. The purchaser, JVD Construction, was represented by Jamie DiSalvatore of Realty Executives Orlando. The facility was previously utilized by Water Bonnet, Inc., for production and distribution of products for the marine industry.

Contact: Angelique Greven, 407.839.3158, angelique.greven@cbre.com

Marcus & Millichap Names Wendelken National Director of National Self-Storage Group

SEATTLE, WA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Gregory Wendelken (top right photo) national director of the firm’s National Self-Storage Group (NSSG), according to Harvey E. Green, (bottom left photo) president and chief executive officer.

Wendelken is also vice president and regional manager of the firm’s Seattle office.
“Greg’s extensive knowledge of the national self-storage market will make him a valuable asset to our clients and self-storage investment specialists,” comments Green. “Under his leadership, the NSSG will continue to provide unparalleled service to its clients in the market. With specialists throughout the country, NSSG is the self-storage leader in transactions, having closed more than $2 billion in sales over the past five years.”

“Every NSSG investment professional is an expert in their geographic and product specialty,” says Wendelken. “No other firm matches our ability to move capital geographically and across property types, and to connect private capital with the institutional market.

"As the new head of the NSSG, I plan to expand our already strong market share at a time when pricing continues to drop by bringing excellent investment opportunities to savvy buyers, who will enjoy stabilized returns on the storage properties if they choose to hold over the long term.”

Wendelken joined Marcus & Millichap in 1984. He was a senior associate in the Newport Beach office from 1984 to 1988. In March 1998, Wendelken became the sales manager in the Ontario office. After four months, he was appointed regional manager for the Seattle office.

Prior to joining the firm, he served as vice president for a prominent Southern California developer for two years.

Wendelken graduated from University of Southern California with a bachelor’s degree in business administration with an emphasis in real estate and finance.

Press Contact: Stacey CorsoCommunications Department(925) 953-1716

Southern Commercial Completes 14,500-SF Lease

ORLANDO, FL-- Principals Tom McFadden, SIOR and William “Bo” Bradford, CCIM, SIOR of Southern Commercial Real Estate Advisors completed an 14,500 square foot new lease at 7584 Brokerage Drive, (top right photo) Orlando, Florida in Orlando Central Park.

McFadden and Bradford negotiated the three year new lease, representing the Landlord, RREEF.

The tenant, Southern Furniture Transport was represented by Jeff York with York Property Company.

Media Contact: Celeste MacKenzie, 321-281-8503, cmackenzie@southercommercialre.com

Dallas Assisted Living Community Sells for $20.5M

TAMPA, FL --CLW Health Care Services Group is pleased to have represented SHP II Caruth, L.P. in the sale of Caruth Haven Court, (top right photo) a 91-unit Assisted Living community locatedin the prestigious Park Cities area of northern Dallas.

SHP II Caruth, L.P. is a partnership between entities of Prudential Real Estate Investors and 12 Oaks Senior Living.

The property was purchased by Cornerstone Growth and Income REIT, Inc. through its affiliation with Servant Healthcare Investments, LLC and Cornerstone Real Estate Funds for $20.5 million ($225,275 per unit). 12 Oaks Senior Living, the current operator, will be retained to operate Caruth Haven Court.

Contact: Allen McMurtry, 813.349.8349, amcmurtry@clwrg.com .

CB Richard Ellis Subleases 12,000 SF in Lake Mary, FL

ORLANDO, FL – The Orlando office of CB Richard Ellis is pleased to announce that Nan McCormick, (top right photo) Senior Vice President, represented GENEX Services, Inc. in subleasing 12,000 sq. ft. at 300 Colonial Center Parkway, Lake Mary, Florida. The sublessor, M/I Homes of Orlando, LLC, was represented by Scott Pamplin of Jones Lang LaSalle.

Contact: Angelique Greven, 407.839.3158, angelique.greven@cbre.com

Friday, January 23, 2009

Marcus & Millichap Negotiates $31M Sale of Northland Center in Southfield, MI

The company also secures listing for Chestnut Ridge apartments in Pittsubrgh, PA

SOUTHFIELD, MI– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 663,000 square feet of the Northland Center, (top right photo) a 1.7 million-square foot enclosed mall in Southfield. The sales price was $31 million.


Mark Taylor, (top left photo) vice president investments, and Dean Zang,(middle right photo) associate vice president investments, in the Philadelphia office of Marcus & Millichap, represented the seller, Jager Management Inc. of Jenkintown, Pa.

Taylor and Zang also procured the buyer, New York City-based Ashkenazy Acquisition Corp.

Mike Dillon, a vice president investments in the Chicago office of Marcus & Millichap, and Steve Chaben, (middle left photo) first vice president and regional manager of the firm’s Detroit office, also assisted in closing this transaction.

”This transaction presented numerous challenges that Dean and I were able to resolve because of the high level of cooperation – and patience – exerted by both the buyer and seller,” said Taylor.

“Some of the challenges we worked to overcome included the assumption of a loan in this very difficult capital markets environment and the erosion in the property’s rent roll.


“We went under contract in July and the global financial crisis intensified in September. During the entire transaction process, we faced daily negative press reports on the state of the commercial real estate sector and lending market, as retail property values continued to fall nationwide,” Taylor says.

Developed in 1954, Northland Center at 21500 Northwestern Highway is a retail destination for Detroit residents.

Co-anchored by Macy’s and Target, other retailers currently occupying the 120-acre mall include Champs Sports, Coffee Beanery, Lens Crafters, Lady Footlocker, Payless ShoeSource, Stride Rite, Carlton Cards & Gifts and others.
Marcus & Millichap sold a portion of the property, but did not sell the space occupied by Macy’s and Target.

“As the retail sector continues to face losses due to a downturn in consumer spending, landlords across the nation have encountered some significant leasing issues,” says Zang. “The new owner plans to make significant capital improvements to the mall. A major repositioning and changes to the tenant mix should assist in turning this property around.”

At the time of closing, Northland Center’s occupancy rate was 70 percent.

“Closing this sale at the height of the global financial crisis is a testament to the perseverance and excellent brokerage skills of our investment specialists,” explains Spencer Yablon, (middle right photo, under Dean Zang photo)) regional manager of the Philadelphia office of Marcus & Millichap.

Marcus and Millichap has obtained the exclusive listing for Chestnut Ridge (bottom left photo), a 468-unit apartment community in Pittsburgh. The listing price is $32 million. The 359,760-square foot Chestnut Ridge complex has 31 apartment buildings located on 25 acres of professionally maturely landscaped grounds.

Located in Robinson Township, one of the fastest-growing communities in Pittsburgh, the 468-unit property consists of five different one- and two-bedroom layouts designed to attract a variety of renters.

The property is also located in the prominent Montour School District.

Press Contact: Stacey CorsoCommunications Department(925) 953-1716

Affordable Housing Expert Widens Institute’s Research Capabilities

CHICAGO, IL – The Real Estate Capital Institute® added the seasoned realty industry veteran, Randal Dawson, (top right photo) to its Editorial Advisory Group for 2009.

Mr. Dawson is a Senior Vice President with CB Richard Ellis. He specializes in the market analysis/valuation of affordable housing and low-income housing tax credits.

Randal is also a Member of the Appraisal Institute (MAI) and is a Certified General Appraiser in 17 states, with a national specialty practice in affordable housing and low-income housing tax credits.

Mr. Dawson serves on the Appraisal Institute’s-National Publication Committee as a primary reviewer for two recent publications from the Appraisal Institute - Valuation and Market Studies for Affordable Housing and Market Analysis for Real Estate.

The Real Estate Capital Institute’s Editorial Advisory Group (“EAG”) members typically serve a two-year term and include some of the nation's most renowned realty professionals and scholars.
The group is composed of capital providers, investment bankers, investors, consultants, academicians and appraisers. The Institute solicits market comments from these industry leaders as well as other senior executives.

Although the Institute collects market research from various sources, EAG member observations are particularly important.

Issued monthly or more frequently, depending upon market conditions, EAG comments track market momentum.

To protect privacy and promote an open exchange of ideas, many EAG observations are often posted anonymously. Members' comments, furthermore, do not necessarily reflect opinions of their respective organizations, employers or the Institute.

According to the Institute's research director, Nat Zvislo, "Randal’s expertise in affordable housing and low-income tax credits provide stronger depth to the Advisory Board’s talent pool. Such programs are critical to realty capital market flow as federal, state and local funding assistance help launch more developments as private capital remains sidelined. "

Contact: Nat Zvislo, Research Director, Toll Free, 800-994-RECI (7324)
director@reci.com / http://www.reci.com/

Morrison Commercial Real Estate Completes 20,202 SF of Leases in Orlando

ORLANDO, FL -- Greg Morrison, (top right photo) CCIM, SIOR, Principal and Founder of Morrison Commercial Real Estate, announced the completion of three office lease transactions totaling 20,202 square feet at three office buildings in Orlando.

At SunTrust Center, located at 250 S. Orange Avenue, Morrison served as the tenant representative for Orlando Regional Healthcare System, Inc. in the negotiation of a 10,032-square-foot lease with landlord, SunTrust Center Owner, LLC.

John Gilbert of CB Richard Ellis represented the Landlord in this transaction.

In addition, Morrison and Emily Zinaich (bottom left photo) of Morrison Commercial Real Estate represented the landlord, OPUS REAL ESTATE FL VII UCC3, L.L.C. in the negotiation of a 6,830 square-foot office lease with CH Robinson Worldwide, Inc. at University Corporate Center III. The Tenant was represented by Mohr Partners.

At 101 Southhall Lane, Morrison and Zinaich also represented the landlord, SHL Owner LLC, in the negotiation of a 3,340 square-foot new lease with SUA Insurance Company. Matthew Cichocki and Kevin O’Connor of NAI Realvest Partners represented the Landlord in this transaction.

CONTACT:

Marylyn Tryon, Administrator and Marketing Assistant, Morrison Commercial Real Estate, 255 S. Orange Avenue, Suite 1545, Orlando, Florida 32801
407.219.3500 407.219.3501 fax. mtryon@morrisoncre.com

After 40 Years, Hilton Moving from Beverly Hills to DC Area

BEVERLY HILLS, CA--(BUSINESS WIRE)--Hilton Hotels Corporation (Hilton) plans to relocate its global headquarters from Beverly Hills, CA, (top left photo) to the greater Washington, DC metropolitan area.

Locations in Maryland and Virginia are currently being considered. The move will occur during the third quarter of 2009.

The decision to relocate the company’s headquarters is part of Hilton’s ongoing business reorganization and follows a thoughtful and rigorous review of Hilton’s corporate operations and locations.

Potential locations were evaluated against multiple criteria including costs, proximity to Hilton’s US and international offices, and talent attraction and retention.

Christopher J. Nassetta, (middle right photo) President and Chief Executive Officer, said, “After careful consideration of both the needs of our business and the impact on our organization, we identified the greater Washington, DC metropolitan area as the best market for our business and the right decision for our future.

"Relocating to the DC area will significantly reduce our operating expenses and will position Hilton in a more central location from which to operate a global business, ease coordination across our organization, and better enable us to execute on strategic opportunities.

"Our vision for Hilton is to create the world’s leading hotel company, and this is a necessary and important step toward reaching this goal.”

Nassetta added: “We understand this is a major change for our organization, and we will do our best to minimize disruptions to employees and operations. We have a long history in Beverly Hills and appreciate the support we have received from our civic partners and citizens in the community over the years.”

Hilton Hotels Corporation is the leading global hospitality company with more than 3,200 hotels and 545,000 rooms in 77 countries and territories, including 135,000 team members worldwide.

The company owns, manages or franchises a hotel portfolio of some of the best known and highly regarded brands, including Hilton®, Conrad® Hotels & Resorts, Doubletree®, Embassy Suites Hotels®, Hampton Inn®, Hampton Inn & Suites®, Hilton Garden Inn®, Hilton Grand Vacations®, Homewood Suites by Hilton® and The Waldorf=Astoria Collection®.

The Hilton Family of Hotels adheres to founder Conrad Hilton’s (bottom left photo) philosophy that, “It has been, and continues to be, our responsibility to fill the earth with the light and warmth of hospitality.”

The company put a name to its unique brand of service that has made it the best known and most highly regarded hotel company: be hospitable®. The philosophy is shared by all brands in the Hilton Family of Hotels, and is the inspiration for its overarching message of kindness and generosity.

Thursday, January 22, 2009

HFF Closes $94.5M 'A' Note Sale for Bank of America

CHICAGO, IL –HFF (Holliday Fenoglio Fowler, L.P.) announced the sale of an ‘A’ note on behalf of Bank of America.

HFF managing director Bill Mitchell (top left photo) and senior managing directors Stuart Salins in Chicago and Whitney Wilcox in New York represented the seller in the transaction.

The ‘A’ note, which was sold to a privately-held REIT, has a coupon of 5.60% and is a senior participation in a $104.8 million first lien loan originated in early 2007.

The loan is secured by a 188,458-square-foot Class A office building in San Diego, California. (top right photo)

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, loan sales and commercial loan servicing. http://www.hfflp.com/.
Contacts:

WILLIAM G. MITCHELL, HFF Managing Director, (312) 980-3607, wmitchell@hfflp.com
STUART M. SALINS, HFF Senior Managing Director, (312) 528-3678, ssalins@hfflp.com
WHITNEY H. WILCOX, HFF Senior Managing Director, (212) 242-2425, wwilcox@hfflp.com
KRISTEN M. MURPHY, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com


HFF secures debt and equity financing for $46M to-be-built luxury multifamily community in Atlanta

ATLANTA, GA – The Atlanta office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged debt and equity for the development of Glenwood Avenue Apartments, a 325-unit, five-story luxury multifamily community in Atlanta, Georgia.

Working on behalf of Capital Thirty-Three, HFF director Michael Cale (bottom right photo) placed a $34.39 million construction loan with Regions Bank as well as joint venture equity with institutional investors advised by J.P. Morgan Asset Management – Global Real Assets.

Construction on the five-acre site, which will have 297,600 square feet of rentable space, is expected to commence in summer 2009 with an anticipated completion date of winter 2010.

The units will be certified by the Leadership in Energy and Environmental Design (LEED), one of the first apartment communities in Georgia to receive this distinction.

Apartments will range in size from 650-square-foot one-bedrooms to 906-square-foot two-bedrooms and will include luxury amenities such as high-end countertops, kitchens with stainless steel appliances, nine-foot ceilings, Jacuzzi bathtubs, patios and balconies. “Green” features include energy-saving windows and appliances, low-water consumption plumbing and an eco-friendly roofing system.

“The borrower’s experience in the submarket paired with its ability to secure highly desirable, core land parcels has afforded them a unique opportunity to deliver an exceptional product to a submarket that is quickly expanding due to its proximity to downtown, midtown and other highly traversed areas within metro Atlanta,” said Cale.

“Development opportunities are still possible if you’re offering the right product, in the right place and at the right price,” added Colin Cavill, a Principal Partner at Capital 33.

Contacts:

MICHAEL A. CALE, HFF Director (404) 832-8460, mcale@hfflp.com
KRISTEN M. MURPHY HFF Associate Director, Marketing (713) 852-3500, krmurphy@hfflp.com

Wyndham Hotel Group Grows in China With Seven New Hotels

HONG KONG, Jan. 22, 2009– Wyndham Hotel Group today announced that it continues to solidify its position as the leading U.S. hotel company in China with last month’s opening of seven hotels, three of which are all-new construction properties, under its Ramada®, Howard Johnson® and Super 8® brands.

Among the new hotels open are the five-star, 1162-room Howard Johnson Resort Sanya Bay (middle right photo) on Hainan Island, one of China’s premier resort destinations; the four-star, city-center Ramada Wuxi hotel (top left photo); and the Super 8 Hotel Shanghai Fen Ye Hong Qiao (bottom left photo) located near the Shanghai Zoo, Guangda Exhibition Centre and Qibao Old Town.

“Despite the economic climate and the devastating earthquake in May, Wyndham Hotel Group continues to be a leader in China,” said Tom Monahan, (bottom right photo) executive vice president of international development for Wyndham Hotel Group International.

“The addition of these impressive properties further strengthens our position in the country with current and prospective owners and developers.”

The Hotel Group currently has over 170 properties in the country operating under the Ramada, Super 8 and Howard Johnson brand names.

Wyndham Hotel Group, one of three principal components of Wyndham Worldwide Corporation (NYSE: WYN), encompasses nearly 7,000 hotels representing approximately 581,000 rooms in 65 countries under the Wyndham®, Ramada®, Days Inn®, Super 8®, Wingate® by Wyndham, Baymont Inn & Suites®, Microtel Inns and Suites®, Hawthorn Suites®, Howard Johnson®, Travelodge®, Knights Inn® and AmeriHost Inn® brands.

All hotels are owned individually and operated independently or by Wyndham Hotel Management. Wyndham Hotel Group is based in Parsippany, N.J. For additional information or to make a reservation, visit http://www.wyndhamworldwide.com/.

CONTACT:

Christine Da Silva
Director, Media Relations
Wyndham Hotel Group
1 Sylvan Way
Parsippany, NJ 07054

+1 (973) 753-6590
Christine.DaSilva@WyndhamWorldwide.com